Cairo – Mubasher: Egypt’s balance of trade (BoT) deficit narrowed by $4.56 billion or 39.4% year-on-year (YoY) to $7.09 billion in the first quarter of 2020 from $11.65 billion, data released by the Ministry of Trade and Industry showed on Wednesday.
Exports
The value of Egyptian non-oil exports rose by $148 million or 2% to $6.72 billion during the January-March period of 2020, compared to $6.58 billion in the year-ago period.
Construction materials topped the country’s exports with a value of $1.52 billion, followed by exports of chemicals and fertilizers and food industries with $1.25 billion and $881 million, respectively.
The UAE was Egypt’s largest export market with $747 million, while exports to the US, Italy, Saudi Arabia, and Spain amounted to $381 million, $385 million, $380 million, $241 million, in that order.
Imports
Meanwhile, non-oil imports of the North African nation retreated by $4.419 billion or 24% to $13.81 billion in Q1-20, compared to $18.23 billion in Q1-19.
Imports of five main sectors declined significantly during the January-March period of 2020, including construction materials which fell by 34% to $1.879 billion from $2.844 billion.
In addition, imports of furniture, medical industries, chemicals and fertilizers, and ready-made garments dropped to $239 million, $639 million, $1.984 billion, and $103 million, in that order.
China was the largest exporter to Egypt with $2.336 million, while imports from the US, Germany, India, and Russia reached $938 million, $879 million, $713 million, and $701 million, respectively.
